INCOME FROM HOUSE PROPERTY

Q1. M owns six houses in Mumbai, details of which are as under:

Particulars 1 2 3 4 5 6

Municipal Value 20,000 24,000 36,000 42,000 48,000 45,000

Standard Rent N.A. 24,000 50,000 30,000 N.A. 48,000
Fair Rent 24,000 24,000 40,000 42,000 50,000 50,000
Actual Rent 18,000 36,000 48,000 36,000 54,000 42,000
Compute Gross Annual Value for each of the above House Property.

Q2. Milind owns a house, the reasonable letting value of which is ₹ 84,000. It is rented to Jayesh at a rent
of ₹ 7,000 p.m. The municipal taxes are 30% of the reasonable letting value. Milind has incurred
following further expenses in respect of the property:
Amount
Particulars
(₹)
For Repairs 5,000
Collection Charges 600
Land Revenue (due but not paid) 300
Interest for constructing the house 4,000
Compute his income from house property for Assessment Year 2022-23.

Q3. Mr. Khan has let-out three houses owned by her. The details of for the houses for the period 01-04-
2021 to 31-03-2022 is as follows:
Particulars House 1 House 2 House 3
Actual Rent p.m. 40,000 35,000 50,000
Fair Rent 5,28,000 3,96,000 5,76,000
Municipal Rent 5,04,000 4,32,000 5,40,000
Standard Rent 4,40,000 2,64,000 5,52,000
Municipal taxes
Paid 8,000 9,600 -
Outstanding 1,000 2,000
Repairs: paid 45,000 - 2,00,000
Outstanding 30,000 - -
Collection charges paid 750 1,000 600
Fire insurance premium paid 3,000 5,000 8,000
Interest paid 60,000 30,000 1,60,000
House 1 is vacant for 2 month. Compute the income of Mr. Khan under the head income from
House Property for AY 2022-23.
Q4. Mr. Lal owns a house having two residential units. The construction of the house was completed on
1st April, 2020. These two units are A and B and the relevant particulars are:
A B
Self Occupied Let Out
Area Occupied 1/3 2/3
₹ ₹
Municipal rateable value (Rent) 8,50,000 11,00,000
Actual Rent - 12,60,000
Municipal taxes @ 1%
Land revenue 1200
Interest on loan 2,30,000
Fire Insurance Premium 1500
Collection Expenses 500
Ascertain his income from House Property for AY 2022-23

Q5. X, has occupied three houses for his own residential purpose, particulars of which are as follows:
Particulars House 1 House 2 House 3
Standard Rent 10,80,000 NA 12,00,000
Municipal Valuation 6,90,000 18,00,000 18,00,000
Fair Rent 9,00,000 21,00,000 15,00,000
Municipal taxes paid 72,000 2,16,000 1,44,000
Repairs 1,20,000 2,52,000 NIL
Interest on loan 1,20,000 2,43,000 2,20,000
Compute the income from house property for X, for the assessment year 2022-23. House 1 in his
home town was vacant throughout the year as he resided in House 3 in Mumbai where he works.
House 2 in Vashi was used by him for 2 months in summer vacation.

Q6. 1) Municipal valuation ₹ 4,00,000

2) Rent received ₹ 40,050 p.m.
3) Standard Rent ₹ 3,50,000
4) Fire Insurance Premium ₹ 5,000
5) Municipal taxes ₹ 7,000 paid by tenant
6) Interest on capital borrowed funds ₹ 60,000 (₹ 10,000 still outstanding)
7) Ground Rent ₹ 7,000
8) Repair ₹ 3,000
9) The house remained vacant for two months during the year
10) Collection charges ₹ 1,000
He also received the following sums during the year:
(i) ₹ 3,800 interest on Post Office Savings Bank
(ii) Interest on Bank Fixed Deposits ₹ 15,000
(iii) Dividend from Unit Trust of India ₹ 2,000
(iv) Income tax refund ₹ 4,900 (including interest ₹ 900)
(v) Winning from Horse Race ₹ 6,000
(vi) Director’s Fees from Sun Ltd. ₹ 2,000
(vii) Salary received : ₹ 20,00,000
Calculate his total income for the Assessment Year 2022-23